The adjectives "Parama" and "Mahan" for that word (Ishvara),
announces the meaning of Supremacy.
Through these adorable words (prefixes),
the compound words (Parameshvara and Maheshvara)
indicate the adorability. This is on the grammatic basis.

2. Haradattar mentioned in the previous songs that the word
Ishvara refer to only Lord Shiva naturally.

One may ask then why are the words Parameshvara or
Maheshvara with the Parama and Mahan prefixes needed that
refer to Lord Shiva.

Haradattar in this song clarifies that these prefixes are not those that
came to distinguish from another thing that has the same common name,
but that translate to Supreme nature, are adjectives of adoration.
See Also:1. ஹரதத்த சிவாச்சாரியார்